M&A Deal Summary

KKR Acquires Clearway Energy - Thermal Business

On May 2, 2022, private equity firm KKR acquired renewable energy company Clearway Energy - Thermal Business from Clearway Energy for 1.9B USD

Acquisition Highlights
  • This is KKR’s 5th transaction in the Renewable Energy sector.
  • This is KKR’s 43rd largest (disclosed) transaction.
  • This is KKR’s 174th transaction in the United States.
  • This is KKR’s 4th transaction in New Jersey.

M&A Deal Summary

Date 2022-05-02
Target Clearway Energy - Thermal Business
Sector Renewable Energy
Buyer(s) KKR
Sellers(s) Clearway Energy
Deal Type Divestiture
Deal Value 1.9B USD

Target

Clearway Energy - Thermal Business

Princeton, New Jersey, United States
Clearway Energy's Thermal Business consists of thermal infrastructure assets that provide steam, hot water, and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals, and governmental customers across the United States. Clearway Energy's Thermal Business is based in Princeton, New Jersey.

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Buyer(S) 1

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 403 of 430
Sector (Renewable Energy) 5 of 7
Type (Divestiture) 44 of 49
State (New Jersey) 4 of 7
Country (United States) 174 of 189
Year (2022) 4 of 16
Size (of disclosed) 43 of 94
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-12 Barracuda Networks

Campbell, California, United States

Barracuda Networks is a provider of security, networking and storage products based on network appliances and cloud service. Barracuda simplifies IT with cloud-enabled solutions that empower customers to protect their networks, applications and data, regardless of where they reside. These powerful, easy-to-use and affordable solutions are trusted by more than 150,000 organizations worldwide and are delivered in appliance, virtual appliance, cloud and hybrid deployment configurations. Barracuda Networks was founded in 2003 and is based in Campbell, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-16 C.H.I. Overhead Doors

Arthur, Illinois, United States

C.H.I. Overhead Doors is a manufacturer and marketer of overhead garage doors in North America. The Company manufactures a complete portfolio of overhead sectional garage door products for both the residential and commercial markets, as well as rolling steel doors for commercial and industrial applications. C.H.I. Overhead Doors was founded in 1981 and is based in Arthur, Illinois.

Sell $3.0B

Seller(S) 1

SELLER

Clearway Energy

Princeton, New Jersey, United States

website


Category Company
Founded 2012
Sector Utilities
Employees58
Revenue 1.2B USD (2022)
DESCRIPTION

Clearway Energy is an owns and operator of 1,919 MW of generating capacity across 31 renewable power facilities, and has over 1,000 MW in development. Clearway Energy was founded in 2012 and is headquartered in Princeton, New Jersey.


DEAL STATS #
Overall 2 of 2
Sector (Renewable Energy) 2 of 2
Type (Divestiture) 2 of 2
State (New Jersey) 2 of 2
Country (United States) 2 of 2
Year (2022) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-14 Clearway Energy - Portfolio of Residential Solar Assets

Princeton, New Jersey, United States

Clearway Energy's Portfolio of Residential Solar Assets provides 53 megawatts (MW) of rooftop solar.

Sell -